Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Australia

Australia

Revenue in the Sleep Aids market is projected to reach US$16.04m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.10%, resulting in a market volume of US$17.43m by 2028.
In global comparison, most revenue will be generated in the United States (US$1,473.00m in 2024).
In relation to total population figures, per person revenues of US$0.60 are generated in 2024.

Key regions: South Korea, Japan, Canada, France, United Kingdom

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Analyst Opinion

The Sleep Aids (Pharmacies) market in Australia has been experiencing steady growth in recent years.

Customer preferences: One of the main reasons for the growth in the Sleep Aids (Pharmacies) market in Australia is the increasing prevalence of sleep disorders among the population. Sleep disorders such as insomnia and sleep apnea have become more common due to factors such as stress, work pressure, and lifestyle changes. As a result, there is a growing demand for sleep aids to help people improve the quality of their sleep.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Australia is the shift towards natural and herbal sleep aids. Many customers are becoming more conscious of the potential side effects of traditional sleep medications and are seeking alternative options. This has led to an increase in the demand for natural sleep aids that are perceived to be safer and have fewer side effects. Another trend in the market is the growing popularity of over-the-counter sleep aids. Customers are increasingly turning to pharmacies to purchase sleep aids without the need for a prescription. This trend is driven by the convenience and accessibility of over-the-counter sleep aids, as well as the increasing awareness and understanding of sleep disorders among the general population.

Local special circumstances: Australia has a well-developed healthcare system, which includes a strong network of pharmacies. This makes it easy for customers to access sleep aids and seek advice from pharmacists. The availability of sleep aids in pharmacies, combined with the expertise of pharmacists, has contributed to the growth of the Sleep Aids (Pharmacies) market in Australia.

Underlying macroeconomic factors: The growing demand for sleep aids in Australia is also influenced by underlying macroeconomic factors. The country has a high standard of living and a busy, fast-paced lifestyle, which can contribute to sleep disorders. Additionally, an aging population and increasing levels of stress and anxiety are also driving the demand for sleep aids. In conclusion, the Sleep Aids (Pharmacies) market in Australia is experiencing growth due to increasing customer preferences for natural and over-the-counter sleep aids, as well as the country's well-developed healthcare system and underlying macroeconomic factors. As the prevalence of sleep disorders continues to rise and customer awareness of sleep health increases, the market is expected to continue growing in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.